Examlex
Which of the following is a characteristic or a moral manager?
Factor Substitution Effect
The process by which firms replace factors of production (like labor and capital) with others due to changes in relative prices or technology.
Productivity
A measure of the efficiency of production, often expressed as the ratio of outputs to inputs in the production process.
Wage
The fixed regular payment, typically calculated on an hourly, daily, or piecework basis, made by an employer to an employee, especially for manual or unskilled work.
Leisure Time
Leisure time is the period when an individual is not engaged in compulsory activities like work or domestic chores, allowing for relaxation, hobbies, and personal interests.
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